It contains far reaching recommendations, saying it is time to replace the FRC with a new body, called the Audit, Reporting and Governance Authority. The Review is well balanced; acknowledging that the FRC was “built on weak foundations”, “patched and mended by its inhabitants” but stating it is “time to build a new house”. The new Authority must have a “clear and precise sense of purpose and mission.”

We’ll keep a close eye on this – and welcome the focus on clarity of purpose and mission – and would like to propose that any new body is also built on a solid set of values.